MasterCard PayPass Wallet Service Announced; Roll Out in Q3 2012

May 9, 2012, By Sanjeev Ramachandran

Looks like the flood gate of wallet services has been lifted all of a sudden. Following many major players who have started trying a hand or two in the new mobile wallet business, electronic currency guru MasterCard too has just announced its mobile wallet service.

Dubbed PayPass Wallet Services, the new service from MasterCard helps banks and merchants to enable their customers to make purchases in stores or online with a quick tap on the Smartphone or tablet display or by a simple click of the mouse.

MasterCard has found American Airlines and Barnes & Noble as the best partners to join the team when they roll out the PayPass service.

According to MasterCard sources, both these companies will incorporate the PayPass Online checkout button on their websites.

Going one step further, American Airlines will integrate PayPass Wallet into its mobile application to make users access the benefits of the service easily.

The service offers many features including the PayPass Acceptance Network, which enables stores to accept contact free NFC payments as well as any electronic payments across multiple channels.

The Online service makes things simple since there is no need to enter detailed shipping and card information with every purchase.

MasterCard packs digital wallet solutions too so that credit or debit card information can be digitally stored in a secure place to make purchases.

You can use American Express, Discover, Visa and other branded credit, debit and prepaid cards with the service. The service is expected to hit the US, Canada, the UK and Australia by Q3 of this year.

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